Stocks in Focus on May 31: Dr Reddy’s, Jet Airways to GMR Infra; here are the 5 newsmakers of the day
Certain stocks which came in news after the market was closed on Thurday, can impact the indices after they reopen for trading purposes on Friday.
Equity indices closed in the green on Thursday, May 30, 2019, with modest gains on steady buying demand in index pivotals. The Sensex settled at 39,831.97 while the Nifty closed above 11,945.90. However, there were certain stocks that came in news after the market was closed on the day and can impact the indices after they reopen for trading purposes on Friday, May 31, 2019. Here is a list of five such stocks:
Dr Reddy’s Laboratories Limited: The multinational pharmaceutical company based in Hyderabad on Thursday informed that it has received the Establishment Inspection Report (EIR) from USFDA for API manufacturing plant at Miryalaguda (Nalgonda District) indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI).
Lupin Limited: Drug maker Lupin on Thursday said that the US health regulator, USFDA, has cautioned that the firm’s Goa facility may be subject to regulatory or administrative action. It also said that USFDA may withhold approval of any pending applications or supplements in which this facility is listed. The Goa facility was inspected between January 28 to February 8, 2019, as Official Action Indicated (OAI).
Jet Airways: The airline company which has not flown since April 18, 2019, due to funding woes, has said that the company is not in a position to consider and approve the audited financial result for the financial year ended on March 31, 2019, due to ongoing process for management change and resignations of key managerial personnel. Earlier this month, Jet Airways Chief Executive Officer Vinay Dube and his deputy Amit Agarwal put in their papers. The consortium of lenders led by SBI is struggling to find a buyer for the airline.
GMR Infrastructure Ltd/GVK: Stocks of these companies will remain in focus today because Noida International Airport Limited (NIAL) on Thursday invited bids for developing Rs15,000 crore Jewar airport project. Development work of the project is likely to commence early in 2020 and the first phase expected to be completed by 2023.
Insecticides (India) Limited: The agrochemical company will be investing nearly Rs15 crore for expansion of their Dahej, Gujarat. Under the process, it will be setting up an Export Oriented Unit (EOU) in the city, which is expected to be operational by the end of the ongoing financial year. It will help it to cater exclusively to key export destinations of Africa, CIS (Commonwealth of Independent States), ASEAN, Europe, US and Latin America.